Moody's cuts The Kinetics Group loans to Caa1

Moody's Investors Service said it downgraded The Kinetics Group's senior secured and senior implied ratings to Caa1 and Caa2, respectively, from B3. The outlook is negative.

Moody's cut The Kinetics Group's $55 million guaranteed senior secured revolving credit facility due 2006, $17 million guaranteed senior secured term loan facility due 2005, senior implied rating and senior unsecured issuer rating.

Moody's said this downgrade reflects the company's continued unsuccessful attempts to secure a comprehensive capital restructuring solution, compounded by its ongoing, unprofitable operating results and the expectation for no near term recovery.

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